Thursday, May 19, 2022
spot_img

Daily Fintech News : Central Banks of India and Singapore to Link Their Faster Payment Systems

1. GMO Payment Gateway is Promoting Impact Financing for Financial Inclusion FinTech Companies

GMO Payment Gateway develops comprehensive payment-related services and financial services. It has funded impact debt to SATYA MicroCapital Limited. The latter provides microfinance services to women for entrepreneurial activities, who do not have access to financial services. It helps them to become economically independent.

GMO-PG will continue to promote investment for financial inclusion FinTech companies to contribute to the progress and development of society.

Read more about it here.

2. Easiloan raises INR 80 million from Tomorrow Capital

Easiloan is India’s 1st digital home loan marketplace for end-to-end processing of loans using its proprietary AI engine. It has raised INR 80 million from Tomorrow Capital

Tomorrow Capital is a $100 million operating investment fund investing in multiple sectors in the consumer space. The company will use the funds for developing on their digital-only product, customer acquisition channels and activating new markets further.

Read more about it here.

3. PayTM Faces Challenges as IPO Nears

PayTM has already been facing a lot of competition from Google Pay, PhonePe and other such apps.

While in 2016, when the demand for the app started to rise, it was one of the major players. However, now the scenario has changed. It is no longer the dominant industry leader. This article covers what are the major challenges it faces while its IPO is near now.

Read more about it here.

4. MODIFI Raises $24 Mn in Series B Set To Empower Indian SMEs

MODIFI is a European fintech startup, which empowers small and medium enterprises (SMEs) to trade internationally with digital trade financing. It tripled its business in India in August 2021.

The funds acquired from the funding will be used to grow MODIFI’s digital trade finance platform for the Indian SMEs into a global trade management hub. The startup provides SMEs with simple digital solutions to finance their trades, protect them from counterparty risk, and easily track and manage their shipments.

Read more about it here.

5. How Finova Capital is rewriting rural India’s fortunes?

The founder of Finova Capital, Mohit Sahney, a Banker-turned-entrepreneur and his wife Sunita have destroyed several myths while building Finova Capital.

It operates entirely out of rural India and has been profitable since its inception. However, the tough phase starts now that it is expanding its reach.

Read more about the company here.

6. How Byas Nambisan changed fintech startup Ezetap’s course after its founders’ exit?

Byas Nambisan found himself in the midst of the chaos of Ezetap’s affairs as the then Co-founder and CEO Abhijit Bose exited the startup to join WhatsApp in 2018. He was Ezetap’s Chief Financial Officer (CFO) for over four years. However, this transition to CEO meant that he had to make a critical business decision and choose between pivot or evolve.

Previously, the company offered an integrated service that included a mobile card-reader, a configurable mobile application, and a flexible platform that allowed any third-party developer to build value-added services. However, by 2018, the startup had developed a stable technology and a robust services-based payment platform. This could be integrated into diverse IT ecosystems.

Read more about the company here.

7. Fintech Startups Applaud New RBI Norms For Aadhaar e-KYC Licence

The fintech ecosystem thinks that the new RBI move which is applicable to non-banking finance companies (NBFCs), payment system providers and payment system participants, will make offering financial services to customers digitally cheaper and safer.

RBI has been taking measures to address the digital data collection and processing mechanisms. In 2019 too, the finance ministry came out with a detailed procedure for processing of applications under the Prevention Of Money Laundering Act for use of Aadhaar authentication services by entities other than banking companies

Read more about it here.

Interested to know more about Digital KYC, you can check out our course here.

8. Fintech firm Clear launches new app for tax experts

Fintech SaaS firm Clear has launched Clear Pro. It is a mobile app for tax professionals to deliver timely compliance.

Accountants currently use messaging apps and emails to communicate with clients regarding the challans and other documents. The product aims to solve the issues of a lack of an automated system to track tax filing status for each client, create and track challans and make client communications less tedious.

Read more about it here.

9. Central Banks of India and Singapore to Link Their Faster Payment Systems

The Reserve Bank of India (RBI) and the Monetary Authority of Singapore (MAS) on Tuesday announced a collaboration to link their respective fast payments systems, UPI and PayNow. It will be operationalised by July 2022.

PayNow is the quick payment system of Singapore. It enables peer-to-peer funds transfer service,& is available to retail customers through participating banks and Non-Bank Financial Institutions (NFIs) in Singapore.

Read more about it here.

10. An Emerging Game-changer is Shifting India’s Fintech Landscape

Over the past few years, the Indian government is coming out with initiatives at a pan India level to centralize different digital payment methods.

KPMG’s bi-annual Pulse of Fintech report stated that despite the pandemic, India saw the second-best year for fintech funding. It attracted 2.7 billion dollars in investment in 2020 which is the second-highest after the 2019 peak of 3.5 billion dollars. The report also mentioned that fintech investors moved away from early-stage companies and lending based businesses and towards later-stage companies.

Read more about it here.

Subscribe to our Newsletter

To keep yourself updated with the latest news in Fintech, and to receive the news and blogs directly in your email inbox, subscribe to our newsletter from here.

Our Fintech Courses

To get our Fintech courses and Certificate at USD10, please use code GFA10 at check out/payment page, visit our website for Fintech courses – Global FinTech Academy

Related Articles

Stay Connected

0FansLike
3,317FollowersFollow
19,600SubscribersSubscribe
- Advertisement -spot_img

Latest Articles

%d bloggers like this: